Risk Aversion and Investment Intentions of Filipino Investors

A Moderation Study

Autores

  • John Mark Distor Universidade Politécnica das Filipinas
  • Alfonce Martin Sanchez Far Eastern University
  • Jubeth Magturo Far Eastern University
  • Crystal Corales Far Eastern University
  • John Jasper Laxamana Far Eastern University

DOI:

https://doi.org/10.48017/dj.v8i3.2676

Palavras-chave:

Investment, risk aversion, stock market, cryptocurrency

Resumo

Uma pesquisa foi realizada entre uma amostra de investidores de varejo filipinos residentes na NCR. Todos com idades entre 21 e 60 anos, com pelo menos 1 ano de experiência em investimentos no mercado de ações filipino e no mercado de criptomoedas. Aversão ao Risco, Intenção de Investimento de Longo Prazo (LTII) e Intenção de Investimento de Curto Prazo (STII) são as variáveis que foram medidas usando a Escala de Aversão ao Risco e a Escala de Intenções de Investimento e foi feita análise de moderação da configuração de ações e criptomoeda. O estudo mostrou correlação significativa de aversão ao risco e STII no cenário de criptomoeda. Os dados manifestaram moderação significativa em Aversão ao risco e LTII no cenário de investimento em ações e Aversão ao risco e STII no cenário de investimento em criptomoeda.

Métricas

Carregando Métricas ...

Biografia do Autor

John Mark Distor, Universidade Politécnica das Filipinas

Vinculado à Universidade Politécnica das Filipinas.

Alfonce Martin Sanchez, Far Eastern University

Vinculado à Far Eastern University, Filipinas.

Jubeth Magturo, Far Eastern University

Vinculado à Far Eastern University, Filipinas.

Crystal Corales, Far Eastern University

Vinculado à Far Eastern University, Filipinas.

John Jasper Laxamana, Far Eastern University

Vinculado à Far Eastern University, Filipinas.

Referências

Almazan, F. (2021). Stock market accounts up 13.7% in 2020. The Manila Times. https://www.manilatimes.net/2021/06/03/business/top-business/stock-market-accounts-up-137-in-2020/1801769

Aren, S. and Nayman, H. H. (2020), "Relationship between risk aversion, risky investment intention, investment choices: Impact of personality traits and emotion", Kybernetes, Vol. 49 No. 11, pp. 2651-2682. https://doi.org/10.1108/K-07-2019-0455

Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-t

Barber, B. M., & Odean, T. (2001). Boys will be Boys: Gender, Overconfidence, and Common Stock Investment. The Quarterly Journal of Economics, 116(1), 261–292. https://doi.org/10.1162/003355301556400

Bolton, L., Cohen, J., & Bloom, P. (2006). Does Marketing Products as Remedies Create “Get Out of Jail Free Cards”? Journal of Consumer Research, 33(1), 71–81. https://doi.org/10.1086/504137

Cabuag, V. G. (2021). PSE: Online stock market accounts up 20% in 2020 | VG Cabuag.BusinessMirror.https://businessmirror.com.ph/2021/06/03/pse-online-stock-market-accounts-up-20-in-2020/

Cahanap, S. M., & Tan, J. B. (2020). Identified factors influencing investment decisions and risky financial behavior among certified public accountants. Professional Schools, University of Mindanao, Davao City, Philippines DOI: https://doi.org/10.53899/spjrd.v27i1.172

Clor-Proell, S. M., Guggenmos, R. D., & Rennekamp, K. (2019). Mobile Devices and Investment News Apps: The Effects of Information Release, Push Notification, and the Fear of Missing Out. The Accounting Review, 95(5), 95–115. https://doi.org/10.2308/accr-52625

Cagan, M. (2016). Stock Market 101: From Bull and Bear Markets to Dividends, Shares, and Margins―Your Essential Guide to the Stock Market (Adams 101). Adams Media.

Chandra, A. (2008). Decision Making in the Stock Market: Incorporating Psychology with Finance. SSRN. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1501721

Costa, P. T., & McCrae, R. R. (1992). Normal personality assessment in clinical practice: The NEO Personality Inventory. Psychological Assessment, 4, 5–13.

Costa, P. T., & McCrae, R. R. (2003). NEO-FFI: NEO Five Factor Inventory. Lutz, FL: Psychological Assessment Resources, Inc.

Crosby, D. D., & Housel, M. (2021). The Laws of Wealth: Psychology and the secret to investing success. Harriman House.

Cueva, C., Iturbe-Ormaetxe, I., Ponti, G., & Tomás, J. (2019). Boys will still be boys: Gender differences in trading activity are not due to differences in (over) confidence. Journal of Economic Behavior & Organization, 160, 100-120. https://doi.org/10.1016/j.jebo.2019.02.027

Deci, E. L., & Ryan, R. M. (2013). Intrinsic motivation and self-determination in human behavior. Springer Science & Business Media.

Delfabbro, P., King, D. L., & Williams, J. (2021). The psychology of cryptocurrency trading: Risk and protective factors. Journal of Behavioral Addictions, 10(2), 201–207. https://doi.org/10.1556/2006.2021.00037

Filbeck, G., Hatfield, P., & Horvath, P. (2005). Risk Aversion and Personality Type. Journal of Behavioral Finance, 6(4), 170–180. https://doi.org/10.1207/s15427579jpfm0604_1

Gambetti, E., & Giusberti, F. (2019). Personality, decision-making styles and investments. Journal of Behavioral and Experimental Economics, 80, 14–24. https://doi.org/10.1016/j.socec.2019.03.002

Gomez-Mejia, I. R., & Balkin, D. (1989). Effectiveness and aggregate compensation strategies. Industrial Relations, 28, 431– 445.

Hayes, A. (2021). Retail Investor: Definition, What They Do, and Market Impact. Investopedia. https://www.investopedia.com/terms/r/retailinvestor.asp

Hessing, D. J., Elffers, H., & Weigel, R. H. (1988). Exploring the limits of self-reports and reasoned action: An investigation of the psychology of tax evasion behavior. Journal of Personality and Social Psychology, 54(3), 405–413. https://doi.org/10.1037/0022-3514.54.3.405

John, O. P., & Srivastava, S. (1999). The Big-Five trait taxonomy: History, measurement, and theoretical perspectives. In L. A. Pervin & O. P. John (Eds.), Handbook of personality: Theory and research (Vol. 2, pp. 102–138). New York: Guilford Press.

Kahneman, D. (2013). Thinking, Fast and Slow (1st ed.). Farrar, Straus and Giroux.

Kourtidis, D., Šević, E., & Chatzoglou, P. (2011). Investors’ trading activity: A behavioural perspective and empirical results. The Journal of Socio-Economics, 40(5), 548–557. https://doi.org/10.1016/j.socec.2011.04.008

Larsson, E., & Johansson, L. (2022). Investing in Bitcoin and Ethereum during stock market turmoil-a Swedish Perspective.: A study on the hedging, safe-haven, and diversification characteristics of Bitcoin, Ethereum and Gold against the OMX30 during the COVID-19 crisis and Russian invasion of Ukraine.

Lathif, A. S. (2019). The impact of investor's personality types on investment intentions. Journal of Composition Theory, 7(15), 1078-1088.

Mayfield, C., Perdue, G., & Wooten, K. (2008). Investment management and personality type. Financial services review, 17(3), 219-236.

Nandan, T., & Saurabh, K. (2016). Big-five personality traits, financial risk attitude and investment intentions: study on Generation Y. International Journal of Business Forecasting and Marketing Intelligence, 2(2), 128. https://doi.org/10.1504/ijbfmi.2016.078154

Przybylski, A. K., Murayama, K., DeHaan, C. R., & Gladwell, V. (2013). Motivational, emotional, and behavioral correlates of fear of missing out. Computers in Human Behavior, 29(4), 1841–1848. https://doi.org/10.1016/j.chb.2013.02.014

Rivas, R. (2022). What you need to know before trading stocks on GCash. RAPPLER. https://www.rappler.com/business/things-to-know-before-trading-stocks-gcash/

Royandoyan, R. (2021). Retail investors dominate PSE as lingering pandemic reshapesstockmarket.Philstar.Com.https://www.philstar.com/business/2021/06/02/2102598/retail-investors-dominate-pse-lingering-pandemic-reshapes-stock-market

Sadiq, M. N., & Khan, R. A. A. (2019). Impact of personality traits on investment intention: the mediating role of risk behaviour and the moderating role of financial literacy. Journal of Finance & Economics Research, 4(1), 1-18. https://doi.org/10.20547/jfer1904101

Shafi, M. (2014). Determinants influencing individual investor behavior in stock market: a cross country research survey. Nigerian Chapter of Arabian Journal of Business and Management Review, 62(1100), 1-12.

Shiva, A., Narula, S., & Shahi, S. K. (2020). What drives retail investors‟ investment decisions? Evidence from no mobile phone phobia (Nomophobia) and investor fear of missing out (I-FoMo). Journal of Content, Community and Communication, 10(6), 2-20.

Tversky, A., & Kahneman, D. (1974). Judgment under Uncertainty: Heuristics and Biases: Biases in judgments reveal some heuristics of thinking under uncertainty. science, 185(4157), 1124-1131.

Vega, N. (2021, August 24). Behavioral finance expert: “FOMO investing” will “really derail an investor.” CNBC. https://www.cnbc.com/2021/08/24/avoid-fomo-while-investing.html

Downloads

Publicado

2023-07-03

Como Citar

Distor, J. M., Sanchez, A. M., Magturo, J., Corales, C., & Laxamana, J. J. (2023). Risk Aversion and Investment Intentions of Filipino Investors: A Moderation Study. Diversitas Journal, 8(3), 2748–2761. https://doi.org/10.48017/dj.v8i3.2676